COMPANY MERCURY NZ

PEER VALUATION( COMPANY INDUSTRY PEER

Market PRICE & FREE RISK RATE

Part 1: Capital Structure a) Identify the company's debts, in a table list each debt, the amount of that debt and the interest rate (there should be detail on debt in the notes to the financial statements). b) What is the book value and market value of equity? c) Determine the debt/equity ratio and compare it against the company's industry peers. (For industry peers, identify 2-3 'peer' companies for your firm. These should be firms in the same industry, ideally based in the same country. For each peer firm, calculate the debt/equity ratio for the most recent financial year.) d) Based on your answer to c), what do the similarities or differences from the company's industry peers tell us? Part 2: Cost of Capital & Cashflow a) Calculate the cost of equity based on the CAPM. (The data for Market Price and Risk-Free rates is provided on Blackboard.) b) Calculate the cost of debt (hint, you can calculate average cost of debt by dividing the interest expense by total interest-bearing debt). c) Calculate the weighted average cost of capital. d) Calculate the free cashflow to the firm. Part 3: Securities Valuation a) Calculate the geometric average dividend growth rate over the past 5 years. b) Determine the price of the company using the single-stage dividend discount model (DDM) and the cost of equity you calculated in Part 2. Part 4: Price Analysis and Investment Advice a) Having determined the price of the company in Part 3b, consider the current market price, and compare it to your valuation. Comment on any differences between the prices. What do you think is driving any differences that you observe? (You may perform external medial analyst research for more information and properly reference the sources you use.) b) Based on your valuation and the current market price, discuss whether an investor should buy, sell or hold this company. Part 5: Capital Budgeting Analysis The company you are analysing is starting a new project. The initial cost of the project (CF.) is 10% of the most recent year's capital expenditure of the company (refer to the most recent year's capital expenditure from the provided data). With this new project, the company is going to receive a cash flow of 1% of the most recent year's revenue for each of the next five years (CF1, ...,CF5). a) Calculate the Net Present Value, and Internal Rate of Return of this project. b) Should the company proceed with this investment? 2019 30-06-2019 2018 30-06-2018 12 Months 2017 30-06-2017 2016 30-06-2016 2015 30-06-2015 12 Months 12 Months 12 Months 12 Months 30-06-2016 30-06-2015 9 Statement Data 10 Period End Date 11 Period Length 12 Statement Date 13 Update Type 14 Standardized Currency 15 Reporting Currency 16 Reporting Unit 30-06-2019 Original 31-12-2018 Restatement 30-06-2017 Original Original Original NZD NZD NZD NZD NZD NZD NZD NZD NZD NZD Millions Millions Millions Millions Millions 17 Source NZL ARS NZL Interim Report NZL ARS NZL ARS NZL ARS 22-08-2017 23-08-2016 16-09-2015 22-08-2017 12:00 23-08-2016 12:00 28-08-2015 12:00 Complete Complete 18 Source Date 19 Original Announcement Date 20 Complete Statement 21 Flash Update 22 Consolidated 23 Auditor Name 24 Auditor Opinion 25 Acc. Std 26 Template Type 28 Financial Summary - Standardized (Currency: As Reported) 29 Field Name 19-08-2019 25-02-2019 19-08-2019 20:49 21-08-2018 00:22 Complete Complete Full Update Full Update Consolidated Consolidated Ernst & Young Unqualified New Zealand New Zealand Industrial - Operating Industrial - Operating Full Update Consolidated Ernst & Young Unqualified New Zealand Industrial - Operating Full Update Consolidated Ernst & Young Unqualified New Zealand Industrial - Oneration Complete Full Update Consolidated Ernst & Young Unqualified New Zealand Industrial - Operating 30-06-2018 30-06-2017 30-06-2016 30-06-2015 30-06-2019 Selected Income Statement Items 2,000.0 1,597.0 1,564.0 1,678.0 1,798.0 595.0 533.0 572.0 551.0 553.0 30 31 Tot Rev from Biz Activ 32 Gross Profit - Ind/Prop - Tot 33 Op Profit Bef Non-Recur Inc/(Expn) 34 EBITDA 35 Inc Bef Disc Ops & Exord Items 365.0 334.0 311.0 312.0 566.0 523.0 493.0 482.0 233.0 184.0 160.0 47.00 301.0 505.0 357.0 Selected Balance Sheet Items 94.00 94.00 6,484.0 36 37 Cash & Cash Equiv 38 Cash & ST Invst 39 Tot Assets 5.00 5.00 6,106.0 30.00 30.00 5,997.0 46.00 46.00 6,085.0 32.00 32.00 6,058.0 Debt - Tot 1,233.0 1,320.0 1,107.0 1,177.0 1,177.0 40 Com Eq - Tot 41 3,282.0 3,308.0 3,315.0 3,337.0 3,537.0 Selected Cash Flow Items 326.0 376.0 42 43 Net Cash Flow from Op 44 Depr, Depl & Amort incl Impair - CF 45 CAPEX - Net-CF 372.0 207.0 97.00 280.0 201.0 43.00 309.0 300.0 109.0 122.0 122.0 89.00 -25.00 -16.00 14.00 13.00 46 Net Chg in Cash - Tot 47 FOCF -24.00 -4.00 -38.00 -69.00 -4.00 Selected Per Share Data 48 Div Yld - Com Stock - Issue 49 3.3% 4.4% 4.4% 4.8% 5.2% EPS Diluted - excl Exord Items, Com - Tot 0.26 0.17 0.13 0.12 0.03 50 Shares Used to Calc Diluted EPS - Tot 1,361.0 1,370.6 1,376,2 1,375.8 1,374.3 51 Profitability Return 26.7% 33.1% 35.8% 35.2% 33.0% 25.3% 32.8% 31.5% 28.7% 52 53 Gross Profit Margin - % 54 EBITDA Margin - % 55 Operating Margin - % 56 Inc Bef Taxes Margin - % 57 Inc Taxes Rate - % 58 Net Margin - % 15.1% 20.9% 19.9% 18.6% 31.5% 20.3% 17.9% 28.3% 13.0% 13.8% 21.5% 17.0% 17.9% 3.2% 5.4% 15.8% 29.4% 11.5% 27.0% 10.2% 51.7% 2.8% 59 FOCF Yid 5.4% 4.7% 5.2% 5.5% 5.6% 10.5% 7.1% 4.8% 1.4% 0.8% 3.9% 2.6% 60 Return on Avg Com Eq 61 Return on Avg Tot Assets 62 Return on Invst Cap 63 5.7% 8.9% 3.1% 5.7% 6.7% 5.2% 2.2% Growth Tot Rev from Biz Activ 2,000.0 1,798.0 1,597.0 1,564.0 1,678.0 64 Op Profit Bef Non-Recur Inc/(Expn) 301.0 365.0 334.0 311.0 312.0 65 EBITDA 505.0 566.0 523.0 493.0 482.0 66 Inc Bef Disc Ops & Exord Items 357.0 233.0 184.0 160.0 47.00 67 EPS Diluted - excl Exord Items, Com - Tot 68 0.26 0.17 0.13 0.12 0.03 Com Shares - O/S - Tot 1,400.0 1,400.0 1,400.0 1,400.0 1,400.0 69 Financial Strength Leverage 19.0% 19.3% 19.4% 70 71 Tot Debt Pct of Tot Assets 72 Tot Debt Pct of Tot Cap 73 Tot Debt Pct of Tot Eq 25.9% 34.9% 21.6% 28.7% 40.2% 307.5 18.5% 25.1% 33.5% 26.2% 35.5% 26.1% 35.3% 74 Debt Srvc 518.5 167.0 75 Debt Srvc Pct of Norm After Taxes Profit 76 Intr Coverage Ratio 77 Dividend Coverage 78 Earn Retention Rate 79 Div Payout Ratio 157.1% 4.07 169.2% 168,0% 3.92 112.6% 0.11 201.5 122.1% 3.44 68.2% 107.1% 3.11 63.5% 132.0 79.5% 3.00 24.0% 0.41 -0.47 -0.57 -3.17 88.8% 146.6% 157.5% 417.0% 80 81 Market Capitalization 82 Debt - Tot 83 Cash & ST Invst - Tot 84 Enterprise Value 4,590.0 1,320.0 5.00 5,905.0 4,572.8 1.107.0 30.00 5,649.8 4,145.0 1,177.0 46.00 5,276.0 3,841.3 1,177.0 32.00 4,986.3 85 59.1% Enterprise Value Breakdown 6,334.7 1,233.0 94.00 7,473.7 Dupont / Earning Power 0.32 21.5% 6.8% 1.85 12.6% 0.83 10.5% 0.41 4.3% 0.29 86 Asset Turnover 87 Inc Bef Taxes Margin - % 88 Pretax ROA 89 Tot Assets to Tot ShareHolders Eq 90 Pretax ROE 91 Tax Complement 92 Return on Avg Com Eq 93 Earn Retention Rate 94 Relnvst Rate 0.30 17.9% 5.3% 1.84 9.8% 0.26 15.8% 4.2% 1.82 7.6% 0.71 5.6% -0.47 0.26 13.8% 3.5% 1.83 6.5% 0.73 4.8% 5.4% 1.6% 1.79 2.8% 0.48 0.72 7.1% 0.11 1.4% -0.57 -2.8% -3.17 -4.6% 0.8% -2.6% Productivity 427,371 2.400,960 8,366,452 262,351 2.042.022 6.852.974 210,030 1,884,366 6,893,103 7.375,758 Liquidity 0.52 0.49 -0.06 0.51 0.45 -0.05 0.91 0.80 -0.01 1.01 0.86 0 1.44 1.29 0.01 95 96 Net Inc After Taxes per Emp 97 Sales per Emp 98 Tot Assets per Emp 99 100 Curr Ratio 101 Quick Ratio 102 Wkg Cap to Tot Assets 103 104 Acct Revbl Turnover 105 Avg Rcvbl Collect Days 106 Pble Turnover 107 Avg Pble Paymt Days 108 Invnt Turnover 109 Avg Invnt Days 110 Avg Net Trade Cycle Days Operating 8.35 43.83 7.29 50.21 52.03 7.03 0.66 7.82 46.82 6.27 58.37 33.89 10.80 -0.76 7.57 48.36 5.99 61.06 25.55 14.33 8.23 44.46 6.72 54.48 28.21 12.97 2.95 8.25 44.39 7.19 50.91 43.67 8.38 1.63 1.86 EV / Revenue EV / EBITDA Price / Cash Price / Book (SmartEstimate (SmartEstimate Price / EPS Flow Per Share Value Per Share Price / Revenue ) ) (SmartEstimate ) (SmartEstimate (SmartEstimate (SmartEstimate) 1 Identifier (RIC) Company Name (NTM) (NTM) (NTM) ) ) (NTM) 2 CEN.NZ Contact Energy Ltd 2.57 11.67 27.35 12.96 1.81 3 GNE.NZ Genesis Energy Ltd 1.93 12.03 35.20 11.79 1.70 4. IFT.NZ Infratil Ltd 5.19 11.50 56.84 12.33 1.37 5 MCY.NZ(Mercury Mercury NZ Ltd 4.46 15.47 33.17 18.10 2.05 6 MEL.NZ Meridian Energy Lto 4.74 18.97 42.83 23.42 2.66 7 TPW.NZ Trustpower Ltd 3.28 14.75 23.94 17.76 2.49 8 VCT.NZ Vector Ltd 5.19 12.07 31.97 9.36 1.72 9 ZEL.NZ Z Energy Ltd 1.04 10.87 33.70 7.34 1.74 Dividend Per Share Yield % (SmartEstimate) (NTM) 2.07 5.8% 1.39 5.4% 2.73 3.6% 3.79 3.3% 4.22 4.2% 2.53 4.5% 2.94 4.2% 0.56 3.8% Weighted Average Cost of Capital, (%) 4.9% 4.5% 5.5% 4.2% 5.6% 2.0% 3.2% 5.4% 4 Name S&P/NZX 50 RiskFree Rate (90 Day Bank Bill Yield %pa 5 12/06/2015 2978.74 3.33 6 12/07/2015 2914.04 3.13 7 12/08/2015 2930.03 2.95 8 12/09/2015 2856.71 2.85 9 12/10/2015 2844.66 2.86 10 12/11/2015 3008.6 2.89 11 12/12/2015 3020.67 2.79 12 12/01/2016 3041.55 2.73 13 12/02/2016 2952.25 2.62 14 12/03/2016 3221.46 2.43 15 12/04/2016 3295.74 2.34 16 12/05/2016 3390.05 2.38 17 12/06/2016 3401.06 2.37 18 12/07/2016 3449.7 2.37 19 12/08/2016 3587.05 2.24 20 12/09/2016 3528.9 2.23 21 12/10/2016 3411.94 2.15 22 12/11/2016 3213.92 2.07 23 12/12/2016 3284.87 2.03 24 12/01/2017 3373.49 1.98 25 12/02/2017 3393 2.02 26 12/03/2017 3411.25 1.98 27 12/04/2017 3413.63 1.97 28 12/05/2017 3507.39 1.98 29 12/06/2017 3483.65 1.95 30 12/07/2017 3551.04 1.96 31 12/08/2017 3612.47 1.95 32 12/09/2017 3651.2 1.95 33 | 12/10/2017 34 12/11/2017 35 12/12/2017 36 12/01/2018 37 12/02/2018 38 12/03/2018 39 12/04/2018 40 12/05/2018 41 12/06/2018 42 12/07/2018 43 12/08/2018 44 12/09/2018 45 12/10/2018 46 12/11/2018 47 12/12/2018 48 12/01/2019 49 12/02/2019 50 12/03/2019 51 12/04/2019 52 12/05/2019 53 12/06/2019 54 | 12/07/2019 55 12/08/2019 56 12/09/2019 57 | 12/10/2019 58 12/11/2019 59 12/12/2019 60 12/01/2020 61 12/02/2020 62 12/03/2020 63 12/04/2020 64 12/05/2020 65 12/06/2020 3720.59 3675.94 3801.41 3783.03 3698.91 3873.85 3813.19 3936.81 4047.14 4054.3 4065.64 4127.16 3939.73 3989.58 3875.12 3972.73 4115.15 4157.2 4281.27 426.35 4456.74 4664.75 4739.03 4723.58 4701.91 4699.15 4846.13 4950.1 5098.25 4401.88 4232.42 4595.51 4626.35 1.94 1.93 1.88 1.88 191 1.93 201 2.02 201 1.94 1.91 1.90 1.89 1.98 1.98 191 190 1.8 1.81 172 1.60 1.55 1.25 1.15 1.05 1.18 1.23 127 1.18 0.71 0.39 0.26 0.26 ||||| 6 1 730 Days Historical P/E (Daily Time Series Ratio) 2 MCY.NZ 3 16/06/2020 18.95925777 4 15/06/2020 19.36264623 5 12/06/2020 18.75756353 11/06/2020 18.91891892 7 10/06/2020 19.52400161 8 9/06/2020 19.84671238 9 8/06/2020 19.64501815 10 5/06/2020 19.24162969 11 4/06/2020 18.97942719 12 3/06/2020 18.93908834 13 2/06/2020 18.91891892 14 29/05/2020 18.75756353 15 28/05/2020 19.0802743 16 27/05/2020 19.20129084 17 26/05/2020 19.32230738 18 25/05/2020 19.28196854 19 22/05/2020 19.12061315 20 21/05/2020 19.60467931 21 20/05/2020 19.60467931 22 19/05/2020 19.96772892 23 18/05/2020 19.160952 24 15/05/2020 19.03993546 25 14/05/2020 18.95925777 26 13/05/2020 19.84671238 27 12/05/2020 20.00806777 28 11/05/2020 19.92739008 29 8/05/2020 19.36264623 30 7/05/2020 18.71722469 31 6/05/2020 18.13231142 32 5/05/2020 18.19281969 33 4/05/2020 18.15248084 34 1/05/2020 17.82977007 35 30/04/2020 18.41468334 36 29/04/2020 18.31383622 37 28/04/2020 18.51553046 38 24/04/2020 17.58773699 39 0 41 42 43 4 45 46 47 17.58773699 17.54739814 18.07180315 17.93061718 17.74909238 17.34570391 18.43485276 17.78943122 17.1400968 17.06333199 16.33723276 16.29689391 16.82129891 48 49 50 51 52 16.57926583 53 16.78096007 4 17.02299314 55 17.10367084 56 17.14400968 57 23/04/2020 22/04/2020 21/04/2020 20/04/2020 17/04/2020 16/04/2020 15/04/2020 14/04/2020 9/04/2020 8/04/2020 7/04/2020 6/04/2020 3/04/2020 2/04/2020 11/04/2020 31/03/2020 30/03/2020 27/03/2020 26/03/2020 25/03/2020 24/03/2020 23/03/2020 20/03/2020 19/03/2020 18/03/2020 17/03/2020 16/03/2020 13/03/2020 12/03/2020 11/03/2020 10/03/2020 9/03/2020 6/03/2020 5/03/2020 4/03/2020 3/03/2020 2/03/2020 28/02/2020 58 17.46672045 16.94231545 16.53892699 59 15.3287616 60 61 62 63 64 16.57926583 16.78096007 16.78096007 15.9338429 16.13553852 17.82977007 17.87010892 65 66 67 68 69 18.99959661 18.636547 18.73739411 19.36264623 0 71 72 73 19.80637354 19.36264623 18.75756353 14 75 18.5558693 76 19.30213796 78 79 80 81 82 83 4 5 86 87 8 89 19.4231545 20.65348931 21.62162162 20.54012933 20.99657665 20.76835299 21.37694941 20.54012933 20.23583111 20.27386839 20.34994294 20.69227843 20.27386839 19.96957018 20.14073792 19.36097375 19.22784329 19.76036516 19.9315329 19.66527197 197793838 19.81742107 19.9315329 19.7793838 19.85545835 0 91 92 93 94 27/02/2020 26/02/2020 25/02/2020 24/02/2020 21/02/2020 20/02/2020 19/02/2020 18/02/2020 17/02/2020 14/02/2020 13/02/2020 12/02/2020 11/02/2020 10/02/2020 7/02/2020 5/02/2020 4/02/2020 * 3/02/2020 31/01/2020 30/01/2020 29/01/2020 28/01/2020 27/01/2020 24/01/2020 23/01/2020 22/01/2020 | 21/01/2020 20/01/2020 17/01/2020 16/01/2020 15/01/2020 14/01/2020 13/01/2020 10/01/2020 9/01/2020 8/01/2020 7/01/2020 6/01/2020 5 6 97 98 9 100 101 102 20.31190567 103 104 20.04564473 19.85545835 20.15975656 105 106 19.96957018 19.96957018 107 108 19.7793838 19.76036516 109 110 111 19.793838 19.58919741 19.32293648 112 113 19.39901103 114 19.43704831 115 116 117 118 119 120 121 122 123 124 125 19.1327501 19.20882465 19.17078737 19.49410422 19.58919741 19.36097375 19.1327501 18.67630278 18.41004184 18.2388741 18.35298593 18.48611639 18.6382655 18.60022822 18.6382655 18.6382655 18.69532142 18.18181818 18.56219095 18.6382655 18.35298593 18.25789274 126 127 128 129 130 131 132 3/01/2020 31/12/2019 30/12/2019 27/12/2019 24/12/2019 23/12/2019 120/12/2019 19/12/2019 18/12/2019 17/12/2019 16/12/2019 13/12/2019 12/12/2019 11/12/2019 10/12/2019 9/12/2019 6/12/2019 5/12/2019 14/12/2019 3/12/2019 12/12/2019 29/11/2019 28/11/2019 27/11/2019 26/11/2019 25/11/2019 22/11/2019 21/11/2019 20/11/2019 19/11/2019 18/11/2019 15/11/2019 14/11/2019 13/11/2019 12/11/2019 11/11/2019 8/11/2019 7/11/2019 133 134 135 136 137 17.95359452 17.95359452 138 139 140 141 17.8014542 18.37200456 17.72537086 17.8775197 18.14378091 17.95359452 142 143 144 145 146 147 148 18.10574363 18.67630278 19.11373146 19.1327501 18.94256371 18.79041461 18.71434005 18.14378091 149 150 151 152 153 14 155 156 157 18.21985546 18.52415367 18.52415367 18.6382655 18.8855078 19.15176873 19.2848992 19.20882465 19.09471282 18.99961963 158 159 160 161 162 163 164 165 20.73031571 20.92050209 20.8442754 20.76835299 20.92050209 166 167 168 20.99657665 169 20.92050209 170 171 6/11/2019 5/11/2019 4/11/2019 1/11/2019 31/10/2019 30/10/2019 29/10/2019 25/10/2019 24/10/2019 23/10/2019 22/10/2019 21/10/2019 18/10/2019 17/10/2019 16/10/2019 15/10/2019 14/10/2019 11/10/2019 10/10/2019 9/10/2019 8/10/2019 7/10/2019 4/10/2019 3/10/2019 2/10/2019 1/10/2019 30/09/2019 27/09/2019 26/09/2019 25/09/2019 24/09/2019 23/09/2019 20/09/2019 19/09/2019 18/09/2019 17/09/2019 16/09/2019 13/09/2019 21.2248003 20.92050209 20.8442754 172 173 174 175 16 20.73031571 20.54012933 20.54012933 19.74134652 19.74134652 19.58919741 19.05667554 17 178 179 180 18.90452644 181 19.05667554 182 18.4747052 183 19.09471282 14 19.20882465 185 19.36097375 186 19.72232788 19.55116014 19.66527197 187 188 189 190 19.20882465 19.62723469 191 192 193 194 195 19 197 198 20.15975656 20.27386839 21.0726512 21.28185622 21.37694941 20.80639026 20.44503614 20.38798022 19.81742107 19.72232788 19.47508558 19.30391784 19.01863827 19.20882465 19.37999239 19 200 201 202 203 204 205 206 19.7793838 207 19.1327501 208 18.8284518 209 32.9487094 12/09/2019 11/09/2019 10/09/2019 9/09/2019 6/09/2019 15/09/2019 4/09/2019 3/09/2019 12/09/2019 30/08/2019 29/08/2019 28/08/2019 27/08/2019 26/08/2019 23/08/2019 22/08/2019 21/08/2019 20/08/2019 19/08/2019 16/08/2019 15/08/2019 14/08/2019 13/08/2019 12/08/2019 9/08/2019 8/08/2019 7/08/2019 6/08/2019 5/08/2019 2/08/2019 11/08/2019 31/07/2019 30/07/2019 29/07/2019 26/07/2019 25/07/2019 24/07/2019 23/07/2019 210 33.01540719 32.9487094 211 212 213 214 215 216 217 218 219 33.21550057 33.21550057 33.14880278 33.34889615 33.68238511 32.9487094 31.2145668 31.61475355 31.94824251 31.68145134 30.4754219 30.51423998 31.28126459 220 221 222 223 224 225 226 32.01494031 32.28173148 31.68145134 31.68145134 227 228 229 230 231 232 233 31.68145134 31.0147342 30.88107784 30.54758888 30.81438004 30.38084439 31.0147342 30.88107784 234 235 236 237 30.68098446 238 239 240 30.61428667 30.94777563 30.54758888 30.04735543 29.4721537 241 242 243 244 30.28079771 30.6809846 31.01447342 245 246 247 22/07/2019 19/07/2019 18/07/2019 17/07/2019 16/07/2019 15/07/2019 12/07/2019 11/07/2019 10/07/2019 9/07/2019 8/07/2019 5/07/2019 4/07/2019 3/07/2019 12/07/2019 1/07/2019 28/06/2019 27/06/2019 26/06/2019 25/06/2019 | 24/06/2019 | 21/06/2019 20/06/2019 19/06/2019 18/06/2019 17/06/2019 14/06/2019 13/06/2019 12/06/2019 11/06/2019 10/06/2019 7/06/2019 6/06/2019 5/06/2019 4/06/2019 31/05/2019 30/05/2019 29/05/2019 29.81391316 29.41372641 28.94684186 248 249 250 28.41325952 28.34656173 27.41279264 251 252 27.3460944 253 26.94590809 254 26.77916361 27.07930368 255 256 26.8792103 26.67911692 257 258 26.34562796 259 26.012139 260 25.87874341 25.91209231 261 262 263 264 26.012139 25.61195224 25.67865004 26.012139 25.7869673 265 266 267 25.74534783 268 25.9454121 269 270 25.9454121 25.81204562 26.012139 271 272 26.012139 273 274 275 26 27 278 279 280 281 282 25.87874341 25.41185887 25.74534783 25.81204562 25.71199893 25.9454121 25.67865004 26.27893017 26.21223238 25.54525445 25.61195224 25.9454121 25.81204562 24.61148536 24.67818315 24.87827653 25.34516108 25.77869673 25.67865004 25.67865004 283 284 28/05/2019 27/05/2019 24/05/2019 123/05/2019 122/05/2019 21/05/2019 20/05/2019 17/05/2019 16/05/2019 15/05/2019 14/05/2019 13/05/2019 10/05/2019 9/05/2019 8/05/2019 7/05/2019 6/05/2019 3/05/2019 2/05/2019 11/05/2019 30/04/2019 29/04/2019 26/04/2019 24/04/2019 23/04/2019 18/04/2019 17/04/2019 16/04/2019 15/04/2019 12/04/2019 11/04/2019 10/04/2019 9/04/2019 8/04/2019 5/04/2019 4/04/2019 3/04/2019 12/04/2019 285 286 287 288 289 290 291 292 293 294 26.21223238 26.012139 26.04548789 26.012139 295 296 297 26.012139 298 299 300 301 25.91209231 25.87874341 26.07883679 25.67865004 25.81204562 26.21223238 26.34562796 302 303 304 305 306 307 308 309 310 26.07883679 26.012139 25.84539452 26.21223238 25.54525445 25.21176549 25.27846328 24.41139198 25.01167211 24.67818315 24.54478757 311 312 313 314 315 316 24.61148536 317 24.57813646 24.57813646 318 319 24.67818315 320 24.47808978 321 322 323 1/04/2019 29/03/2019 128/03/2019 27/03/2019 26/03/2019 125/03/2019 22/03/2019 21/03/2019 20/03/2019 19/03/2019 18/03/2019 15/03/2019 14/03/2019 13/03/2019 12/03/2019 11/03/2019 8/03/2019 7/03/2019 6/03/2019 5/03/2019 4/03/2019 1/03/2019 28/02/2019 27/02/2019 26/02/2019 25/02/2019 22/02/2019 21/02/2019 20/02/2019 19/02/2019 18/02/2019 15/02/2019 14/02/2019 13/02/2019 12/02/2019 11/02/2019 8/02/2019 7/02/2019 324 325 24.61148536 24.37804309 24.41139198 24.47808978 25.34516108 24.81157874 24.61148536 23.7441406 24.01120523 21.83251927 326 327 328 329 330 331 21.83251927 332 333 334 21.36173719 21.83251927 22.06791032 22.06791032 22.2444536 335 336 337 22.1856054 338 22.27387748 339 22.06791032 340 21.47943271 341 21.47943271 21.30288943 342 343 344 345 346 347 348 349 350 351 352 353 21.30288943 21.30288943 20.8909551 20.77325958 20.94980286 20.80268346 21.06749838 21.00865062 20.7438357 20.68498794 21.06749838 21.24404166 21.06749838 21.15577002 354 355 356 357 21.06749838 358 21.36173719 21.33231331 359 360 21.1851939 361 21.24404166 5/02/2019 4/02/2019 1/02/2019 31/01/2019 30/01/2019 29/01/2019 28/01/2019 25/01/2019 24/01/2019 23/01/2019 22/01/2019 21/01/2019 18/01/2019 17/01/2019 16/01/2019 15/01/2019 14/01/2019 11/01/2019 10/01/2019 9/01/2019 8/01/2019 7/01/2019 4/01/2019 3/01/2019 31/12/2018 28/12/2018 27/12/2018 24/12/2018 21/12/2018 20/12/2018 19/12/2018 18/12/2018 17/12/2018 14/12/2018 13/12/2018 12/12/2018 11/12/2018 10/12/2018 362 21.1851939 363 21.36173719 364 365 366 367 368 369 370 371 21.12634614 21.00865062 20.65556406 21.45000883 20.83210734 21.1851939 20.8909551 20.83210734 21.1851939 21.47943271 21.1851939 372 378 374 375 20.77325958 376 377 378 20.8909551 21.1851939 21.12634614 379 21.00865062 380 20.92037898 381 382 383 384 385 386 387 388 389 390 391 21.06749838 21.00865062 20.53786853 20.68498794 20.567163 20.8909551 20.39074913 20.21420585 20.18478197 20.24362973 20.18478197 20.06708645 20.30247749 20.30247749 20.30247749 20.33190137 20.3024749 20.33190137 20.39074913 392 393 394 395 396 397 398 399 7/12/2018 6/12/2018 5/12/2018 4/12/2018 3/12/2018 30/11/2018 29/11/2018 28/11/2018 27/11/2018 26/11/2018 23/11/2018 22/11/2018 21/11/2018 | 20/11/2018 19/11/2018 16/11/2018 15/11/2018 14/11/2018 13/11/2018 12/11/2018 9/11/2018 8/11/2018 7/11/2018 6/11/2018 5/11/2018 12/11/2018 1/11/2018 31/10/2018 30/10/2018 29/10/2018 26/10/2018 25/10/2018 24/10/2018 23/10/2018 19/10/2018 18/10/2018 17/10/2018 16/10/2018 400 401 402 20.21420585 20.30247749 20.18478197 20.3024749 20.03766257 20.18478197 403 404 405 406 407 20.12593421 408 409 20.12593421 20.00823869 19.86111928 19.89054317 19.86111928 19.59630436 410 411 412 413 19.8316954 414 19.59630436 415 19.41976108 416 19.65515212 417 19.65515212 19.50803272 418 419 420 19.41976108 19.36091332 19.30206556 19.59630436 421 422 423 19.47860884 19.41976108 424 425 426 19.4918496 19.65515212 19.8316954 427 428 429 19.71399988 19.71399988 19.80227152 19.65515212 430 431 432 19.8316954 433 19.80227152 19.50803272 434 19.47860884 435 436 437 15/10/2018 12/10/2018 11/10/2018 10/10/2018 9/10/2018 8/10/2018 5/10/2018 4/10/2018 3/10/2018 2/10/2018 1/10/2018 28/09/2018 27/09/2018 26/09/2018 25/09/2018 24/09/2018 21/09/2018 20/09/2018 19/09/2018 18/09/2018 17/09/2018 14/09/2018 13/09/2018 12/09/2018 11/09/2018 10/09/2018 7/09/2018 6/09/2018 5/09/2018 4/09/2018 3/09/2018 31/08/2018 30/08/2018 29/08/2018 28/08/2018 27/08/2018 24/08/2018 23/08/2018 19.71399988 19.71399988 19.36091332 19.30206556 438 439 440 19.30206556 19.3314894 41 42 43 44 19.36091332 19.89054317 19.74342376 1974342376 19.65515212 45 46 47 19.684576 448 19.65515212 49 19.36091332 450 19.3314894 19.3314894 451 452 19.41976108 19.30206556 453 454 19.21379392 455 19.36091332 19.5374566 456 457 458 459 460 461 462 463 464 465 19.41976108 23.06910569 23.10298103 22.899729 22.83197832 22.66260163 22.79810298 22.7303523 22.69647697 22.59485095 22.52710027 466 467 468 22.49322493 469 470 471 22.45934959 22.49322493 22.52710027 22.69647697 22.76422764 472 473 474 22.66260163 475 22.76422764 22/08/2018 21/08/2018 20/08/2018 17/08/2018 16/08/2018 15/08/2018 14/08/2018 13/08/2018 10/08/2018 9/08/2018 8/08/2018 7/08/2018 6/08/2018 3/08/2018 2/08/2018 1/08/2018 31/07/2018 30/07/2018 27/07/2018 26/07/2018 25/07/2018 24/07/2018 23/07/2018 20/07/2018 19/07/2018 18/07/2018 17/07/2018 16/07/2018 13/07/2018 12/07/2018 11/07/2018 10/07/2018 9/07/2018 6/07/2018 5/07/2018 4/07/2018 3/07/2018 2/07/2018 22.69647697 46 477 478 479 480 481 482 22.7303523 22.49322493 22.56097561 22.39159892 22.49322493 22.42547426 22.49322493 22.42547426 22.56097561 22.42547426 22.52710027 22.56097561 483 484 485 486 487 488 489 22.86585366 490 491 492 22.899729 22.69647697 22.69647697 22.69647697 22.66260163 493 494 Part 1: Capital Structure a) Identify the company's debts, in a table list each debt, the amount of that debt and the interest rate (there should be detail on debt in the notes to the financial statements). b) What is the book value and market value of equity? c) Determine the debt/equity ratio and compare it against the company's industry peers. (For industry peers, identify 2-3 'peer' companies for your firm. These should be firms in the same industry, ideally based in the same country. For each peer firm, calculate the debt/equity ratio for the most recent financial year.) d) Based on your answer to c), what do the similarities or differences from the company's industry peers tell us? Part 2: Cost of Capital & Cashflow a) Calculate the cost of equity based on the CAPM. (The data for Market Price and Risk-Free rates is provided on Blackboard.) b) Calculate the cost of debt (hint, you can calculate average cost of debt by dividing the interest expense by total interest-bearing debt). c) Calculate the weighted average cost of capital. d) Calculate the free cashflow to the firm. Part 3: Securities Valuation a) Calculate the geometric average dividend growth rate over the past 5 years. b) Determine the price of the company using the single-stage dividend discount model (DDM) and the cost of equity you calculated in Part 2. Part 4: Price Analysis and Investment Advice a) Having determined the price of the company in Part 3b, consider the current market price, and compare it to your valuation. Comment on any differences between the prices. What do you think is driving any differences that you observe? (You may perform external medial analyst research for more information and properly reference the sources you use.) b) Based on your valuation and the current market price, discuss whether an investor should buy, sell or hold this company. Part 5: Capital Budgeting Analysis The company you are analysing is starting a new project. The initial cost of the project (CF.) is 10% of the most recent year's capital expenditure of the company (refer to the most recent year's capital expenditure from the provided data). With this new project, the company is going to receive a cash flow of 1% of the most recent year's revenue for each of the next five years (CF1, ...,CF5). a) Calculate the Net Present Value, and Internal Rate of Return of this project. b) Should the company proceed with this investment? 2019 30-06-2019 2018 30-06-2018 12 Months 2017 30-06-2017 2016 30-06-2016 2015 30-06-2015 12 Months 12 Months 12 Months 12 Months 30-06-2016 30-06-2015 9 Statement Data 10 Period End Date 11 Period Length 12 Statement Date 13 Update Type 14 Standardized Currency 15 Reporting Currency 16 Reporting Unit 30-06-2019 Original 31-12-2018 Restatement 30-06-2017 Original Original Original NZD NZD NZD NZD NZD NZD NZD NZD NZD NZD Millions Millions Millions Millions Millions 17 Source NZL ARS NZL Interim Report NZL ARS NZL ARS NZL ARS 22-08-2017 23-08-2016 16-09-2015 22-08-2017 12:00 23-08-2016 12:00 28-08-2015 12:00 Complete Complete 18 Source Date 19 Original Announcement Date 20 Complete Statement 21 Flash Update 22 Consolidated 23 Auditor Name 24 Auditor Opinion 25 Acc. Std 26 Template Type 28 Financial Summary - Standardized (Currency: As Reported) 29 Field Name 19-08-2019 25-02-2019 19-08-2019 20:49 21-08-2018 00:22 Complete Complete Full Update Full Update Consolidated Consolidated Ernst & Young Unqualified New Zealand New Zealand Industrial - Operating Industrial - Operating Full Update Consolidated Ernst & Young Unqualified New Zealand Industrial - Operating Full Update Consolidated Ernst & Young Unqualified New Zealand Industrial - Oneration Complete Full Update Consolidated Ernst & Young Unqualified New Zealand Industrial - Operating 30-06-2018 30-06-2017 30-06-2016 30-06-2015 30-06-2019 Selected Income Statement Items 2,000.0 1,597.0 1,564.0 1,678.0 1,798.0 595.0 533.0 572.0 551.0 553.0 30 31 Tot Rev from Biz Activ 32 Gross Profit - Ind/Prop - Tot 33 Op Profit Bef Non-Recur Inc/(Expn) 34 EBITDA 35 Inc Bef Disc Ops & Exord Items 365.0 334.0 311.0 312.0 566.0 523.0 493.0 482.0 233.0 184.0 160.0 47.00 301.0 505.0 357.0 Selected Balance Sheet Items 94.00 94.00 6,484.0 36 37 Cash & Cash Equiv 38 Cash & ST Invst 39 Tot Assets 5.00 5.00 6,106.0 30.00 30.00 5,997.0 46.00 46.00 6,085.0 32.00 32.00 6,058.0 Debt - Tot 1,233.0 1,320.0 1,107.0 1,177.0 1,177.0 40 Com Eq - Tot 41 3,282.0 3,308.0 3,315.0 3,337.0 3,537.0 Selected Cash Flow Items 326.0 376.0 42 43 Net Cash Flow from Op 44 Depr, Depl & Amort incl Impair - CF 45 CAPEX - Net-CF 372.0 207.0 97.00 280.0 201.0 43.00 309.0 300.0 109.0 122.0 122.0 89.00 -25.00 -16.00 14.00 13.00 46 Net Chg in Cash - Tot 47 FOCF -24.00 -4.00 -38.00 -69.00 -4.00 Selected Per Share Data 48 Div Yld - Com Stock - Issue 49 3.3% 4.4% 4.4% 4.8% 5.2% EPS Diluted - excl Exord Items, Com - Tot 0.26 0.17 0.13 0.12 0.03 50 Shares Used to Calc Diluted EPS - Tot 1,361.0 1,370.6 1,376,2 1,375.8 1,374.3 51 Profitability Return 26.7% 33.1% 35.8% 35.2% 33.0% 25.3% 32.8% 31.5% 28.7% 52 53 Gross Profit Margin - % 54 EBITDA Margin - % 55 Operating Margin - % 56 Inc Bef Taxes Margin - % 57 Inc Taxes Rate - % 58 Net Margin - % 15.1% 20.9% 19.9% 18.6% 31.5% 20.3% 17.9% 28.3% 13.0% 13.8% 21.5% 17.0% 17.9% 3.2% 5.4% 15.8% 29.4% 11.5% 27.0% 10.2% 51.7% 2.8% 59 FOCF Yid 5.4% 4.7% 5.2% 5.5% 5.6% 10.5% 7.1% 4.8% 1.4% 0.8% 3.9% 2.6% 60 Return on Avg Com Eq 61 Return on Avg Tot Assets 62 Return on Invst Cap 63 5.7% 8.9% 3.1% 5.7% 6.7% 5.2% 2.2% Growth Tot Rev from Biz Activ 2,000.0 1,798.0 1,597.0 1,564.0 1,678.0 64 Op Profit Bef Non-Recur Inc/(Expn) 301.0 365.0 334.0 311.0 312.0 65 EBITDA 505.0 566.0 523.0 493.0 482.0 66 Inc Bef Disc Ops & Exord Items 357.0 233.0 184.0 160.0 47.00 67 EPS Diluted - excl Exord Items, Com - Tot 68 0.26 0.17 0.13 0.12 0.03 Com Shares - O/S - Tot 1,400.0 1,400.0 1,400.0 1,400.0 1,400.0 69 Financial Strength Leverage 19.0% 19.3% 19.4% 70 71 Tot Debt Pct of Tot Assets 72 Tot Debt Pct of Tot Cap 73 Tot Debt Pct of Tot Eq 25.9% 34.9% 21.6% 28.7% 40.2% 307.5 18.5% 25.1% 33.5% 26.2% 35.5% 26.1% 35.3% 74 Debt Srvc 518.5 167.0 75 Debt Srvc Pct of Norm After Taxes Profit 76 Intr Coverage Ratio 77 Dividend Coverage 78 Earn Retention Rate 79 Div Payout Ratio 157.1% 4.07 169.2% 168,0% 3.92 112.6% 0.11 201.5 122.1% 3.44 68.2% 107.1% 3.11 63.5% 132.0 79.5% 3.00 24.0% 0.41 -0.47 -0.57 -3.17 88.8% 146.6% 157.5% 417.0% 80 81 Market Capitalization 82 Debt - Tot 83 Cash & ST Invst - Tot 84 Enterprise Value 4,590.0 1,320.0 5.00 5,905.0 4,572.8 1.107.0 30.00 5,649.8 4,145.0 1,177.0 46.00 5,276.0 3,841.3 1,177.0 32.00 4,986.3 85 59.1% Enterprise Value Breakdown 6,334.7 1,233.0 94.00 7,473.7 Dupont / Earning Power 0.32 21.5% 6.8% 1.85 12.6% 0.83 10.5% 0.41 4.3% 0.29 86 Asset Turnover 87 Inc Bef Taxes Margin - % 88 Pretax ROA 89 Tot Assets to Tot ShareHolders Eq 90 Pretax ROE 91 Tax Complement 92 Return on Avg Com Eq 93 Earn Retention Rate 94 Relnvst Rate 0.30 17.9% 5.3% 1.84 9.8% 0.26 15.8% 4.2% 1.82 7.6% 0.71 5.6% -0.47 0.26 13.8% 3.5% 1.83 6.5% 0.73 4.8% 5.4% 1.6% 1.79 2.8% 0.48 0.72 7.1% 0.11 1.4% -0.57 -2.8% -3.17 -4.6% 0.8% -2.6% Productivity 427,371 2.400,960 8,366,452 262,351 2.042.022 6.852.974 210,030 1,884,366 6,893,103 7.375,758 Liquidity 0.52 0.49 -0.06 0.51 0.45 -0.05 0.91 0.80 -0.01 1.01 0.86 0 1.44 1.29 0.01 95 96 Net Inc After Taxes per Emp 97 Sales per Emp 98 Tot Assets per Emp 99 100 Curr Ratio 101 Quick Ratio 102 Wkg Cap to Tot Assets 103 104 Acct Revbl Turnover 105 Avg Rcvbl Collect Days 106 Pble Turnover 107 Avg Pble Paymt Days 108 Invnt Turnover 109 Avg Invnt Days 110 Avg Net Trade Cycle Days Operating 8.35 43.83 7.29 50.21 52.03 7.03 0.66 7.82 46.82 6.27 58.37 33.89 10.80 -0.76 7.57 48.36 5.99 61.06 25.55 14.33 8.23 44.46 6.72 54.48 28.21 12.97 2.95 8.25 44.39 7.19 50.91 43.67 8.38 1.63 1.86 EV / Revenue EV / EBITDA Price / Cash Price / Book (SmartEstimate (SmartEstimate Price / EPS Flow Per Share Value Per Share Price / Revenue ) ) (SmartEstimate ) (SmartEstimate (SmartEstimate (SmartEstimate) 1 Identifier (RIC) Company Name (NTM) (NTM) (NTM) ) ) (NTM) 2 CEN.NZ Contact Energy Ltd 2.57 11.67 27.35 12.96 1.81 3 GNE.NZ Genesis Energy Ltd 1.93 12.03 35.20 11.79 1.70 4. IFT.NZ Infratil Ltd 5.19 11.50 56.84 12.33 1.37 5 MCY.NZ(Mercury Mercury NZ Ltd 4.46 15.47 33.17 18.10 2.05 6 MEL.NZ Meridian Energy Lto 4.74 18.97 42.83 23.42 2.66 7 TPW.NZ Trustpower Ltd 3.28 14.75 23.94 17.76 2.49 8 VCT.NZ Vector Ltd 5.19 12.07 31.97 9.36 1.72 9 ZEL.NZ Z Energy Ltd 1.04 10.87 33.70 7.34 1.74 Dividend Per Share Yield % (SmartEstimate) (NTM) 2.07 5.8% 1.39 5.4% 2.73 3.6% 3.79 3.3% 4.22 4.2% 2.53 4.5% 2.94 4.2% 0.56 3.8% Weighted Average Cost of Capital, (%) 4.9% 4.5% 5.5% 4.2% 5.6% 2.0% 3.2% 5.4% 4 Name S&P/NZX 50 RiskFree Rate (90 Day Bank Bill Yield %pa 5 12/06/2015 2978.74 3.33 6 12/07/2015 2914.04 3.13 7 12/08/2015 2930.03 2.95 8 12/09/2015 2856.71 2.85 9 12/10/2015 2844.66 2.86 10 12/11/2015 3008.6 2.89 11 12/12/2015 3020.67 2.79 12 12/01/2016 3041.55 2.73 13 12/02/2016 2952.25 2.62 14 12/03/2016 3221.46 2.43 15 12/04/2016 3295.74 2.34 16 12/05/2016 3390.05 2.38 17 12/06/2016 3401.06 2.37 18 12/07/2016 3449.7 2.37 19 12/08/2016 3587.05 2.24 20 12/09/2016 3528.9 2.23 21 12/10/2016 3411.94 2.15 22 12/11/2016 3213.92 2.07 23 12/12/2016 3284.87 2.03 24 12/01/2017 3373.49 1.98 25 12/02/2017 3393 2.02 26 12/03/2017 3411.25 1.98 27 12/04/2017 3413.63 1.97 28 12/05/2017 3507.39 1.98 29 12/06/2017 3483.65 1.95 30 12/07/2017 3551.04 1.96 31 12/08/2017 3612.47 1.95 32 12/09/2017 3651.2 1.95 33 | 12/10/2017 34 12/11/2017 35 12/12/2017 36 12/01/2018 37 12/02/2018 38 12/03/2018 39 12/04/2018 40 12/05/2018 41 12/06/2018 42 12/07/2018 43 12/08/2018 44 12/09/2018 45 12/10/2018 46 12/11/2018 47 12/12/2018 48 12/01/2019 49 12/02/2019 50 12/03/2019 51 12/04/2019 52 12/05/2019 53 12/06/2019 54 | 12/07/2019 55 12/08/2019 56 12/09/2019 57 | 12/10/2019 58 12/11/2019 59 12/12/2019 60 12/01/2020 61 12/02/2020 62 12/03/2020 63 12/04/2020 64 12/05/2020 65 12/06/2020 3720.59 3675.94 3801.41 3783.03 3698.91 3873.85 3813.19 3936.81 4047.14 4054.3 4065.64 4127.16 3939.73 3989.58 3875.12 3972.73 4115.15 4157.2 4281.27 426.35 4456.74 4664.75 4739.03 4723.58 4701.91 4699.15 4846.13 4950.1 5098.25 4401.88 4232.42 4595.51 4626.35 1.94 1.93 1.88 1.88 191 1.93 201 2.02 201 1.94 1.91 1.90 1.89 1.98 1.98 191 190 1.8 1.81 172 1.60 1.55 1.25 1.15 1.05 1.18 1.23 127 1.18 0.71 0.39 0.26 0.26 ||||| 6 1 730 Days Historical P/E (Daily Time Series Ratio) 2 MCY.NZ 3 16/06/2020 18.95925777 4 15/06/2020 19.36264623 5 12/06/2020 18.75756353 11/06/2020 18.91891892 7 10/06/2020 19.52400161 8 9/06/2020 19.84671238 9 8/06/2020 19.64501815 10 5/06/2020 19.24162969 11 4/06/2020 18.97942719 12 3/06/2020 18.93908834 13 2/06/2020 18.91891892 14 29/05/2020 18.75756353 15 28/05/2020 19.0802743 16 27/05/2020 19.20129084 17 26/05/2020 19.32230738 18 25/05/2020 19.28196854 19 22/05/2020 19.12061315 20 21/05/2020 19.60467931 21 20/05/2020 19.60467931 22 19/05/2020 19.96772892 23 18/05/2020 19.160952 24 15/05/2020 19.03993546 25 14/05/2020 18.95925777 26 13/05/2020 19.84671238 27 12/05/2020 20.00806777 28 11/05/2020 19.92739008 29 8/05/2020 19.36264623 30 7/05/2020 18.71722469 31 6/05/2020 18.13231142 32 5/05/2020 18.19281969 33 4/05/2020 18.15248084 34 1/05/2020 17.82977007 35 30/04/2020 18.41468334 36 29/04/2020 18.31383622 37 28/04/2020 18.51553046 38 24/04/2020 17.58773699 39 0 41 42 43 4 45 46 47 17.58773699 17.54739814 18.07180315 17.93061718 17.74909238 17.34570391 18.43485276 17.78943122 17.1400968 17.06333199 16.33723276 16.29689391 16.82129891 48 49 50 51 52 16.57926583 53 16.78096007 4 17.02299314 55 17.10367084 56 17.14400968 57 23/04/2020 22/04/2020 21/04/2020 20/04/2020 17/04/2020 16/04/2020 15/04/2020 14/04/2020 9/04/2020 8/04/2020 7/04/2020 6/04/2020 3/04/2020 2/04/2020 11/04/2020 31/03/2020 30/03/2020 27/03/2020 26/03/2020 25/03/2020 24/03/2020 23/03/2020 20/03/2020 19/03/2020 18/03/2020 17/03/2020 16/03/2020 13/03/2020 12/03/2020 11/03/2020 10/03/2020 9/03/2020 6/03/2020 5/03/2020 4/03/2020 3/03/2020 2/03/2020 28/02/2020 58 17.46672045 16.94231545 16.53892699 59 15.3287616 60 61 62 63 64 16.57926583 16.78096007 16.78096007 15.9338429 16.13553852 17.82977007 17.87010892 65 66 67 68 69 18.99959661 18.636547 18.73739411 19.36264623 0 71 72 73 19.80637354 19.36264623 18.75756353 14 75 18.5558693 76 19.30213796 78 79 80 81 82 83 4 5 86 87 8 89 19.4231545 20.65348931 21.62162162 20.54012933 20.99657665 20.76835299 21.37694941 20.54012933 20.23583111 20.27386839 20.34994294 20.69227843 20.27386839 19.96957018 20.14073792 19.36097375 19.22784329 19.76036516 19.9315329 19.66527197 197793838 19.81742107 19.9315329 19.7793838 19.85545835 0 91 92 93 94 27/02/2020 26/02/2020 25/02/2020 24/02/2020 21/02/2020 20/02/2020 19/02/2020 18/02/2020 17/02/2020 14/02/2020 13/02/2020 12/02/2020 11/02/2020 10/02/2020 7/02/2020 5/02/2020 4/02/2020 * 3/02/2020 31/01/2020 30/01/2020 29/01/2020 28/01/2020 27/01/2020 24/01/2020 23/01/2020 22/01/2020 | 21/01/2020 20/01/2020 17/01/2020 16/01/2020 15/01/2020 14/01/2020 13/01/2020 10/01/2020 9/01/2020 8/01/2020 7/01/2020 6/01/2020 5 6 97 98 9 100 101 102 20.31190567 103 104 20.04564473 19.85545835 20.15975656 105 106 19.96957018 19.96957018 107 108 19.7793838 19.76036516 109 110 111 19.793838 19.58919741 19.32293648 112 113 19.39901103 114 19.43704831 115 116 117 118 119 120 121 122 123 124 125 19.1327501 19.20882465 19.17078737 19.49410422 19.58919741 19.36097375 19.1327501 18.67630278 18.41004184 18.2388741 18.35298593 18.48611639 18.6382655 18.60022822 18.6382655 18.6382655 18.69532142 18.18181818 18.56219095 18.6382655 18.35298593 18.25789274 126 127 128 129 130 131 132 3/01/2020 31/12/2019 30/12/2019 27/12/2019 24/12/2019 23/12/2019 120/12/2019 19/12/2019 18/12/2019 17/12/2019 16/12/2019 13/12/2019 12/12/2019 11/12/2019 10/12/2019 9/12/2019 6/12/2019 5/12/2019 14/12/2019 3/12/2019 12/12/2019 29/11/2019 28/11/2019 27/11/2019 26/11/2019 25/11/2019 22/11/2019 21/11/2019 20/11/2019 19/11/2019 18/11/2019 15/11/2019 14/11/2019 13/11/2019 12/11/2019 11/11/2019 8/11/2019 7/11/2019 133 134 135 136 137 17.95359452 17.95359452 138 139 140 141 17.8014542 18.37200456 17.72537086 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179 180 18.90452644 181 19.05667554 182 18.4747052 183 19.09471282 14 19.20882465 185 19.36097375 186 19.72232788 19.55116014 19.66527197 187 188 189 190 19.20882465 19.62723469 191 192 193 194 195 19 197 198 20.15975656 20.27386839 21.0726512 21.28185622 21.37694941 20.80639026 20.44503614 20.38798022 19.81742107 19.72232788 19.47508558 19.30391784 19.01863827 19.20882465 19.37999239 19 200 201 202 203 204 205 206 19.7793838 207 19.1327501 208 18.8284518 209 32.9487094 12/09/2019 11/09/2019 10/09/2019 9/09/2019 6/09/2019 15/09/2019 4/09/2019 3/09/2019 12/09/2019 30/08/2019 29/08/2019 28/08/2019 27/08/2019 26/08/2019 23/08/2019 22/08/2019 21/08/2019 20/08/2019 19/08/2019 16/08/2019 15/08/2019 14/08/2019 13/08/2019 12/08/2019 9/08/2019 8/08/2019 7/08/2019 6/08/2019 5/08/2019 2/08/2019 11/08/2019 31/07/2019 30/07/2019 29/07/2019 26/07/2019 25/07/2019 24/07/2019 23/07/2019 210 33.01540719 32.9487094 211 212 213 214 215 216 217 218 219 33.21550057 33.21550057 33.14880278 33.34889615 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